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Can you name a country that has a
flat 10 percent income tax on both personal and corporate
income, and that is also running a budget surplus of 8 percent
of gross domestic product (the equivalent of the United States
running a budget surplus of more than $1 trillion)? The
surprising answer is Bulgaria, formerly one of Europe's most
backward countries.
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Bulgaria is clearly on a path to prosperity according to the
Wall Street Journal and the Investor’s Business Daily (IBD).
In January 2008, the Journal published the 2008 Index of
Economic Freedom where Bulgaria ranked 59 out of 157 rated
countries, freer than its European Union co-members Italy,
Romania and Greece. “Of the five regions surveyed, Europe is
the most free, continuing to advance this year with tax cuts
and other business-friendly reforms,” the Journal commentary
reads referring in part to the new 10-percent-flat-tax law in
effect in Bulgaria since January 1, 2008. The law replaced the
progressive rate structure and is, the Journal says, “as far
as we know the lowest such rate in the world.” The Journal and
IBD both point out the positive correlation between economic
freedom and thriving business environment, the latter
concluding that “economic freedom is the best path to
prosperity.”
Tax
Treaty & Protocols
Washington, DC
– On December 16, 2008, the U.S. Department of the Treasury
announced that a new tax treaty (and accompanying protocols)
with Bulgaria entered into force December 15, 2008. This
agreement is designed to avoid the possibility of double
taxation and prevent fiscal evasion with respect to taxes on
income for U.S. and Bulgarian firms operating in each others’
countries and thus, spur international trade and investment
between our countries.
The treaty and
first protocol with Bulgaria was signed in Washington on
February 23, 2007, and the second protocol with Bulgaria was
signed in Sofia on February 26, 2008. The U.S. Senate approved
the new treaty and protocols on September 23, 2008.
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WELCOME TO
BULGARIAN-AMERICAN CHAMBER OF COMMERCE
The Bulgarian-American Chamber of
Commerce (BACC) is the oldest and most prestigious business
membership organization devoted to Bulgaria and Bulgarian-owned
businesses in the United States of America. The Chamber serves the
needs of the Bulgarian-American business community. Any
person, association, partnership or corporation having an interest
in the objectives of this organization and agreed with and bounded by
the BACC’s
Terms and Conditions shall be eligible for membership.
About Bulgarian-American Chamber of Commerce
The BACC was incorporated on November
22, 1993 in Los Angeles, California as a non-profit corporation. The
BACC was established by Dr. Ogden
C. Page,
a native Bulgarian, with years of experience in helping numerous
Bulgarian-owned companies in the United States explore business
opportunities and effectively manage their financial affairs.
Bulgarian-American Business Directory
The Bulgarian-American Business
Directory is a successor to the
Bulgarian Yellow Pages
published in the past by the BACC – a powerful advertising and
marketing publication of Bulgarian businesses in North America. Your
listing in this directory is one of the benefits of the BACC
membership. The digital space and the complexity of the presentation
you have chosen would determine your annual membership fees.
Who's Who in Bulgarian-American Community
The Who's Who in the Bulgarian-American
Community (Biographies & Credentials) is the new BACC's biographical
directory of Bulgarians living abroad. It is published by the BACC,
but the inclusion in it is not a part of the BACC's membership.
Reputable Bulgarians from around the world who are willing to
document a digital legacy for current and future generations are
welcome to participate. BACC's members have the opportunity to be
presented in the Who’s Who directory at a discounted rate.
Membership
Become a Member of BACC, Membership
Benefits, Annual Plans for inclusion in the Bulgarian-American
Business Directory and Who's Who in the Bulgarian-American
Community.
Sponsors
and Friends of BACC
We offer multi-faceted marketing
opportunities through sponsorship of the Chamber and any of our
events. Interested organizations and benefactors are welcome to
support the BACC. Please contact us to explore what promotional
option could be best for you or your company!
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qualified employee.
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Us
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BG PORTALS, INC.
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